Phishing Scammers Exploit Ledger's Recent Crisis with Fake Firmware Update Campaign

Phishing scammers are taking advantage of the turmoil surrounding Ledger's recent $86 million spyware scandal by initiating a fraudulent firmware update campaign. This was brought to light by blockchain security firm SlowMist, which shared screenshots of an email urging recipients to connect their hardware wallets to protect against emerging spyware threats.

The email claims to offer a “Genuine check” page, device selection, and an “Update Now” button, making it appear legitimate. SlowMist cautioned users against clicking on any links to update their devices or entering their recovery phrases.

This phishing tactic is common among scammers who exploit fear generated by security incidents. The campaign has not yet been listed on Ledger's own phishing scams webpage, which focuses on previous data leaks.

Last week, reports linked the mass draining of Ledger devices to an authorized reseller in Southeast Asia, CryptoBilis. Following the acquisition of the company, former CEO Arravind Prabu revealed that devices were found to contain spyware capable of transmitting data via a hidden SIM card.

In light of these events, Ledger has urged its distributors to suspend sales, while also announcing a new device, the Atom, which is an Android device equipped with a data-only eSIM.

Interestingly, one of the largest victims of the recent theft was reportedly a scam operator who lost over 60 BTC, valued at approximately $4.8 million, from compromised Ledger devices.